Earlier this week we posted a link on our Facebook page about a new app for the iPhone called Acorns. Acorns is an app that taps into your debit card and/or credit card and rounds up your purchases to the nearest dollar. That difference is then deposited automatically into your Acorns account that is invested based on your investment profile.

Although Aultium Insurance Services is not an investment broker or company we can review apps. And we love anything that encourages people to save money for now and for retirement, even if its pennies at a time.

This app encourages people to put aside money for a later date and it keeps saving simple. The creators of the app, Walter Cruttendale III and his son Jeff, focused on three main problems that makes everyday people reluctant to invest; "high minimum balances; prohibitive commissions to trade; and a huge selection of stocks that generally leads to people making no decisions." (BTW, not having these three things is a huge reason to inquire about an Indexed Universal Life policies as well! IULs ARE offered by Aultium Insurance Services)

The app allows you to set aside money, invest it based on your investment risk level, reinvest the dividends and do all of this for fairly low fees. Acorns charges what they call a "wrap fee", which is $1 per month plus a fee of 0.25% - 0.5% based on your balance. These fees are actually a lot lower than most other investment accounts we have seen.

The app is available right now for the iPhone, with Android and desktop versions coming soon.

Bottom line, this app looks like it'll be a big hit. It encourages people to save money and it keeps it simple; even if you are not the most savvy investor out there.